Licences for crypto businesses in Switzerland

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Switzerland does not have a single crypto licence. A crypto business needs the licence that corresponds to what it actually does: exchanging and transferring crypto assets, holding them for customers, accepting deposits, dealing in tokenised securities or operating a trading venue. The spectrum ranges from membership of a self-regulatory organisation under the Anti-Money Laundering Act to a full banking licence, and choosing the right level at the start saves time and money when the business grows.

Financial intermediaries under the Anti-Money Laundering Act

A business that exchanges crypto assets for fiat currency or other crypto assets, transfers them on behalf of customers or holds them in custody with power of disposal generally acts as a financial intermediary under Article 2 paragraph 3 of the Anti-Money Laundering Act. It must join a self-regulatory organisation recognised by FINMA, or be supervised directly by FINMA where it holds a financial market licence. It must identify its customers, establish the beneficial owners, clarify the source of funds in higher-risk relationships and report suspicions to MROS, as explained in the article on reporting to MROS.

FINMA applies the anti-money laundering rules to crypto transactions strictly. Customers must be identified for exchange transactions in crypto assets from CHF 1,000, and FINMA's guidance on payments on the blockchain of 2019 requires information on the originator and the beneficiary to be transmitted with transfers between institutions, without a threshold. Transfers to and from external wallets require clarification of who controls them.

The FinTech licence

Article 1b of the Banking Act created a licence for businesses that accept public deposits of up to CHF 100 million, provided they neither invest the deposits nor pay interest on them. Crypto assets held in collective custody can fall under this regime. The requirements are lighter than for a bank: the minimum capital is 3 per cent of the deposits and at least CHF 300,000, and the licence does not give access to the deposit guarantee scheme. For many custody and payment businesses the FinTech licence is the right intermediate step.

Bank and securities firm

A business that wants to take deposits beyond the FinTech limits, lend or offer a full range of services needs a banking licence. Since 2019 FINMA has licensed banks that specialise in crypto assets, which offer custody, trading and lending under full banking supervision. A business that deals professionally in tokens that qualify as securities, on its own account or for customers, needs a licence as a securities firm under the Financial Institutions Act.

DLT trading facility

A platform that operates multilateral trading in tokenised securities needs a licence as a DLT trading facility under Article 73a of the Financial Market Infrastructure Act, or as a stock exchange or multilateral trading facility. The DLT trading facility may admit private clients directly and combine trading, settlement and custody, as explained in the article on the DLT Act.

Asset managers and funds

A manager who manages crypto portfolios for clients needs a licence as an asset manager under the Financial Institutions Act and must be supervised by a supervisory organisation, as described in the article on licensing an asset manager. Collective investment in crypto assets is subject to the Collective Investment Schemes Act.

Choosing the right level

The starting point is an exact description of the business model: which services are offered, to whom, whether the business has power of disposal over customer assets, and whether it accepts deposits or deals in securities. Many businesses start as members of a self-regulatory organisation and move to a FinTech or banking licence as they grow. A bank account for the business will only be opened once the regulatory position is clear, as explained in the article on bankability.

How Ressos Legal helps

I analyse crypto business models, determine which licence is required, prepare applications to self-regulatory organisations and FINMA, and build the anti-money laundering organisation that supervisors and banks expect. Contact me for a first conversation.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of October 2026.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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